You are here: Home > articles > Forex > NZD/USD Intraday technical levels and trading recommendations for December 9, 2016
NZD/USD Intraday technical levels and trading recommendations for December 9, 2016
December 9, 2016 1:45 pmVideo
Latest News
- European stock exchanges settle in green May 19, 2023
- Bitcoin remains below $27,000 while experts provide mixed outlooks May 19, 2023
- May 19, 2023 : GBP/USD Intraday technical analysis and significant key-levels. May 19, 2023
- May 19, 2023 : EUR/USD Intraday technical analysis and trading plan. May 19, 2023
- May 19, 2023 : Analyzing Recent Trends and Trading Opportunities in EUR/USD: A Technical Analysis Perspective. May 19, 2023
- USD/CAD to exit its range soon? May 19, 2023
- EUR/JPY: upside seems over May 19, 2023
- Technical analysis on NZDUSD for May 19th, 2023. May 19, 2023
- Trading Signal for USD/JPY for May 19-22, 2023: sell below 138.50 (+1/8 Murray – overbought) May 19, 2023
- Technical analysis on EURUSD for May 19th, 2023. May 19, 2023
- Ichimoku cloud indicator analysis on Gold for May 19th, 2023. May 19, 2023
- Technical analysis on GOOG stock price for May 19th, 2023. May 19, 2023
- Euro trims some losses May 19, 2023
- GBP/USD: Simple trading tips for beginner traders on May 19 (American session) May 19, 2023
- EUR/USD: Simple trading tips for beginner traders on May 19 (US Session) May 19, 2023
- Video market update for May 19, 2023 May 19, 2023
- EUR/USD: Is the bearish banquet nearing its conclusion? May 19, 2023
- Will a slowdown in UK inflation change the BoE’s plans? – Forex News Preview May 19, 2023
- Technical Analysis – GBPUSD returns back inside the recent rectangle after failed breakout May 19, 2023
- Week Ahead – RBNZ, Fed minutes, UK & US inflation, flash PMIs to headline packed week May 19, 2023
As long as the NZD/USD pair continued trading above 0.6860, further bullish advance was expected towards the upper limit of the depicted channel around 0.7400.
During August and September, a consolidation range was established from the price level of 0.7250 up to 0.7350.
Later on October 20, the lower limit of the consolidation range (0.7250) stood as a temporary resistance which initiated a bearish movement towards 0.7100 (lower limit of the depicted channel).
Bullish recovery was expressed around the price level of 0.7100 on October 28. Hence, a double-bottom pattern was expressed on the chart.
Bullish fixation above 0.7250 and 0.7350 was needed to allow further bullish advance towards the projected target of the reversal pattern around 0.7450.
However, significant signs of a bearish reversal were expressed around the upper limit of the price range (0.7350).
The bearish breakdown of 0.7250 (lower limit of the depicted range) enhanced the bearish side of the market towards the price level of 0.7100 (recent bottom of October 28) which was broken as well.
Bearish persistence below 0.7100 allowed a quick bearish decline towards 0.6960 (BUY zone) where bullish rejection and a valid BUY entry were expected. All T/P levels were successfully achieved.
The recent bullish pullback towards 0.7120 was considered for selling the NZD/USD pair. However, the resistance level failed to provide enough bearish pressure.
That’s why, bullish pullback was pursued towards the price level of 0.7230 (the backside of the broken uptrend line) where a valid SELL entry can be offered if enough bearish rejection is expressed. S/L should be located above 0.7320.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: